Janet has a snowboard she doesn’t use anymore, but loss aversion has made her question whether or not she should sell it. Her friend Jack suggests she use the Overnight Test. Which of the following scenarios demonstrates the strategy she’s using?

Imagine the snowboard was replaced with cash, then decide if she's happier with the cash or the snowboard.

Imagine the snowboard was replaced with cash, then make a plan about how to spend the cash.

Imagine the snowboard was replaced with cash, then figure out how to keep the cash and get her snowboard back.

Imagine the snowboard was replaced with cash, then figure out how to use the cash to get her snowboard back.

How has social media marketing evolved over the past few decades?

Modern marketing utilizes extremely detailed user data to create personalized ads for each user

Modern marketing urges you to make financial decisions that align with your goals

Modern marketing makes it easy to distinguish advertising from other types of content

Modern marketing creates a less seamless shopping experience for consumers

Unlike traditional economics, behavioral economics believes that

People do not always behave in a rational way when making economic decisions

People behave in a rational way when making economic decisions

There is no way to predict how people will make economic decisions

People will always update their viewpoints based on new information

You spend an entire Saturday going to car dealerships in search of a used car. You spend hours looking at cars and even test drive a few, but there are none you like that fit your budget. What is the sunk cost you should ignore when deciding whether or not to buy a car that day?

The time you spent looking for cars that day

The time it will take to drive home

An "experiential purchase" is...

Something that creates or enhances an experience or connects us with other people

Something that commemorates an experience, like a souvenir

Something that was made by hand rather than at a factory

Something that has a lot of monetary value

Herd mentality may explain why...

Mason went to see a movie with his friends even though he didn't like the genre

Davona chose to skip dinner with her friends and watched a movie at home instead

Ginnifer decided to keep her current phone even though her closest friends bought the new version

Akshay bought a shirt he liked from an unpopular brand

Imani attends a town hall meeting where a tax increase is proposed to help pay for a new bridge. After the meeting, she reads Facebook comments that complain about the already high taxes in her town, which is a view that she agrees with. To avoid confirmation bias, Imani should…

seek out comments that supports the tax increase and the bridge project to provide an alternative viewpoint

avoid social media since it will influence her decision

allow others to make the decision because she is too biased

join a Facebook group that organizes citizens that are opposed to the tax increase

Due to hedonic adaptation, what do you expect would happen to Anu's level of happiness after buying a new jacket?

It would initially increase, then return to a baseline level

It would remain at a baseline level, then increase over time

It would initially decrease, then return to a baseline level

It would remain at a baseline level, then decrease over time

People who experience FOMO may...

go into debt to keep up with everyone else

save a percentage of their paycheck each month

donate money to a cause they care about

create and stick to a monthly budget

People are compelled to buy MORE stuff for all of the following reasons EXCEPT...

Scientific research proves that the more items we own, the happier we tend to be

The media portrays that the more stuff we have, the happier we will be

We tend to want more compared to those around us

Once the initial novelty of a recent purchase wears off, we look to buy the next new thing

Each of the following statements is an example of confirmation bias EXCEPT...

Seeking information that challenges your beliefs

Interpreting information to support your existing beliefs

Only remembering details that uphold your beliefs

Ignoring information that challenges your beliefs

All of the following explain why humans might "follow the herd" EXCEPT...

People prefer having opinions that are very different from those of others

It can be uncomfortable standing out from the crowd

Humans evolved to stick with the herd to survive

Fighting social pressure can be difficult to do

When using social media, it's important to remember that...

People typically only post about the best parts of their lives on social media

Social media ads are trying to get you to buy stuff you NEED, not want

Marketers have your best interests in mind and want you to be financially responsible

The more likes a post has, the more trustworthy and accurate the information is likely to be

All of the following are options you might pursue directly after high school, EXCEPT...

A bachelor’s degree from a four-year college

A two-year associate degree from a community college

Which of the following statements explains what gross and net pay are on a paystub from your employer?

Gross pay is the total wages you've earned for the pay period, and net pay is smaller because taxes have been removed

Gross pay is the total wages for just this pay period, and net pay is total wages for the entire year to date

Gross pay is the total wages you've earned with any taxes and contributions removed, and net pay is larger to include all your benefits

Gross pay is the total wages you've earned, and net pay is the total amount in taxes you've paid

Your friend, Nabila, has a virtual interview tomorrow and is extremely nervous. Nabila should do all of the following things to prepare for her virtual interview EXCEPT…

dress as comfortably as possible; since this is a virtual interview, professional dress is not necessary.

test all of her technology including internet connection and audio

ensure she has a clutter-free background

maintain positive body language during her interview such as good posture and eye contact with the camera

If a college degree is expensive, why is it often considered a good financial decision to go to college?

College graduates have higher average lifetime earnings than high school graduates

College graduates always hold higher-paying jobs than high school graduates

Most people don’t graduate with student debt

After paying tuition, students will have a partial ownership stake in a valuable university

Which statement is TRUE about the job board posting shown here?

AutoNation will provide this employee with multiple types of insurance in their benefits package

The job is for an account specialist to work at Indeed

Whoever is hired can expect to make $110,000 per year

This job has a lot of flexibility on work hours and the ability to work from anywhere

In which scenario would you be MOST likely to use an elevator pitch?

Introducing yourself to a hiring manager at a community center's career fair

Uploading a recording of yourself to a job board

Sending a follow-up email to someone you've formally interviewed with

Greeting anyone you meet while vacationing out of town

A best practice when networking on LinkedIn is...

Including a personalized note when sending an invitation to connect

Joining as many groups as possible even if they're outside of your interests

Asking for a big favor from a recent connection

Repeatedly private messaging hiring managers to check on the status of your job application

Which of the following is the best strategy when using online job boards to find a new career?

Set up a profile, set filters on which types of jobs you're looking for, and sign up for alerts

Attach your resume to every job posting, even when you're not really interested in the job

Only check the job boards once or twice a month so you don't get overwhelmed

Either search for specific job titles you desire or specific companies you'd like to work for, but not both

Lilly is working on her first resume and has no previous work experience. What can she do to boost her resume?

Emphasize her education and highlight her strong GPA

Create fictional positions she held in the past

Leave out volunteer experience since it's not paid work

Include a lengthy paragraph at the top of her resume explaining why she has no previous work experience

When signing up for his company's 401(k) plan, Milton will need to decide...

How much to contribute and what fund(s) to invest in

Whether he wants direct deposit and how much taxes to pay

How much to match his employer and which health insurance plan he wants

Whether he should close his savings account and how large his tax return will be

Which of the following is TRUE about cover letters?

A cover letter complements your resume by highlighting your interest in the position and what makes you a strong candidate

The cover letter presents the same information that is on your resume

Cover letters are typically 2-3 pages in length

You can use the same cover letter when applying for multiple jobs

Grayson has a job interview tomorrow. What is the best advice you can give him?

Do research on the company ahead of time to understand how his role will support the larger organization

Don't ask questions during the interview since it will show that he may not know something about the company

Be sure to ask about vacation policy and sick leave since he will want to know how many days he can take off

Plan to arrive at least 60 minutes early for the interview

Gordon is a recent graduate and is looking for his first professional job. He has submitted his resume to many different companies and has had a few job interviews. Unfortunately, Gordon has not yet received a job offer. What is the best piece of advice you can give Gordon to continue his job search?

Continue to practice his interview skills so he’ll feel positive and confident when the next opportunity arises

Take a break from the job search process. It is recommended to take a 6-week break whenever a job is not offered following an interview.

Call and email the companies that did not offer him a job and demand they explain why he did not get the job

Completely redo his resume and cover letter, and resubmit them to the companies that he previously applied to

When is it most appropriate to use the STAR Method to answer an interview question?

When you are asked behavioral questions to explain situations when you used specific skills

When you are asked verification questions to confirm the information on your resume

When you are asked opinion questions to see how you would respond to various scenarios

When you are asked creative questions to assess your problem-solving abilities

Joanna is looking for a new job and wants to improve her LinkedIn profile. All of the following are things she should do EXCEPT...

Include vague, generic descriptions for previous job responsibilities

Update her photo so that it is professional and current

Ask for recommendations from previous coworkers and supervisors

Highlight her soft and hard skills

Which of the following is a TRUE statement regarding employee benefits?

It is possible for a job with a lower salary to have a better total compensation package when employee benefits are included

All employers offer the same employee benefits, so there is no need to review benefits when offered a job

Employee benefits always cost you extra money, so it is important to choose only a select few when accepting a job position

Jobs offering a higher salary always offer better employee benefits

All of the following are good ways to convince your boss you deserve a raise EXCEPT...

Your landlord raised your rent and you need more monthly income

You met or exceeded all of your performance targets over the last year

You’ve taken on responsibilities outside of your job description

You played a key role in advancing a goal of your organization

What is one difference between a resume and a LinkedIn profile?

A resume is tailored for a specific job that you're applying to while LinkedIn can include all of your professional work history

A resume lists your past work experience while LinkedIn only describes your future goals

A resume includes a professional photo of you while LinkedIn does not have a photo

A resume is written in a casual tone while a LinkedIn profile is written in a formal tone

If Colette signs up for direct deposit with her employer, and her friend Georgia does not, what will be the difference in how the two friends are paid?

Colette will be paid more quickly because the funds are transferred electronically rather than by cashing a check

Colette will be paid more because there are fewer transaction fees with direct deposit

Georgia will be paid more because there are fewer transaction fees if you do the check cashing yourself

Georgia will pay slightly higher taxes because the IRS will need to send her a W-2 next year

What is the purpose of an informational interview?

To learn more about an industry or position

To meet with a hiring manager and submit your job application

To review the terms of a job offer and negotiate

To pass the first phone screen after applying to a job

Personal Finance Final Exam

Authored by Orville Hasty

Business

9th - 12th Grade

Used 8+ times

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125 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A credit card offer comes in the mail with the bold print "0% A.P.R. for New Accounts." Which important piece of information should you find before thinking about signing up?

Can I get two or more cards with this offer?

Can I pay my credit card bill online?

What is the A.P.R. after the introductory period?

What kind of designs can I get on my card?

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Reading through a credit card disclosure (aka the Schumer Box), you see the A.P.R. for a specific card is set at 9.99% - 23.99%. Which of the following statements is probably TRUE?

When given a range of A.P.R.s like this, you can assume most cardholders pay the lowest rate listed

One of the primary factors determining your card's A.P.R. is your credit score

With credit card A.P.R.s, cardholders like higher A.P.R.s because they earn more

The A.P.R. on credit cards is usually fixed so they won't be adjusted as long as you are a cardholder

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you are trying to substantially reduce the amount you spend on food, you should try...

Cooking your own food at home for as many meals as possible

Dining at restaurants more often so you don't waste water doing dishes

Eating way more snacks on the go and way fewer meals at home

Drinking more coffee and soda so you are not as hungry for food

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

You are putting together your first post-graduation budget. Your take-home pay will be $2,500 per month. You estimate your monthly costs to be rent of $800, car payment of $350, car insurance of $150, car maintenance of $50, entertainment of $500, food expense of $250, mobile phone of $75, student loan payment of $225 and other expense of $300. How would you describe your budget after analyzing all of your income and expenses?

You have a surplus of $200

You have a deficit of $200

You have a deficit of $2,700

You have a surplus of $5,200

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following scenarios BEST demonstrates FOMO (Fear of Missing Out)?

Megan takes a baking class after seeing a sign for the class at her favorite bakery

David goes on a vacation to Europe and posts about it on social media every day

Angela sees an advertisement for a pair of shoes and decides to buy them

José wants to go see a movie that all of his friends have seen and are raving about

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Research done on peoples' salaries and happiness levels has shown that...

Most people are satisfied with their current annual salaries

Increasing your annual salary is guaranteed to increase your long-term happiness

Humans typically become accustomed to how much they earn and eventually want more

Most people need to earn at least $200,000 a year in order to be happy

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes what a cognitive bias is?

A rational decision that is based on research and facts

The belief that a person should change their opinions when new facts arise

the belief that we are right until someone provides information that contradicts our belief

A strong, preconceived notion that people have that is based on incomplete information

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Personal Finance Final Exam

A credit card offer comes in the mail with the bold print "0% A.P.R. for New Accounts." Which important piece of information should you find before thinking about signing up?

Reading through a credit card disclosure (aka the Schumer Box), you see the A.P.R. for a specific card is set at 9.99% - 23.99%. Which of the following statements is probably TRUE?

If you are trying to substantially reduce the amount you spend on food, you should try...

Which of the following scenarios BEST demonstrates FOMO (Fear of Missing Out)?

Research done on peoples' salaries and happiness levels has shown that...

Which of the following best describes what a cognitive bias is?

Janet has a snowboard she doesn’t use anymore, but loss aversion has made her question whether or not she should sell it. Her friend Jack suggests she use the Overnight Test. Which of the following scenarios demonstrates the strategy she’s using?

Sebastian began day trading stocks at the beginning of the summer. After a month, he made a profit of $200. Due to his short term success and his belief that he is a highly skilled trader, Sebastian puts his entire savings into the market. This is an example of

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